SB 148

Abstract

Securities Act; digital tokens; exemption.Provides that an issuer or seller of a digital token, as definedin the bill, shall be exempt from the registration requirements ofthe Securities Act if (i) the digital token cannot be consideredan investment contract, as defined in the bill; (ii) the primarypurpose of the token is consumptive, as defined in the bill; (iii)the issuer or seller of the digital token did not market the digitaltoken to the initial buyer as a financial investment; and (iv) atleast one of four additional criteria are satisfied. The bill requiresan issuer or seller of a digital token to file a notice of intentwith the State Corporation Commission prior to qualifying for suchexemption. The bill also requires the Commission to make a noticeof intent form available on its website for this purpose and permitsthe Commission to promulgate rules as necessary to implement theprovisions of the bill.